Category Archives: MARKET TRENDS

Oct 3 Oakville Strong Market

As of Oct 3 there are 628 available listings on the Oakville Board. This is up from 603 less than a month ago. In the last 30 days 282 homes in Oakville were sold or about 45% of the currently available listings. This is the third month where the sales to listing ratio has been off the scale of normal. The inventory is low. My guess remains as it was last month that  inventory will continue to be low, that both sales and listings increase and that there will be upward pressure on prices. It is basic economics and until the appetite for home ownership subsides we may be in for a bit of a upward bubble. Hang on and enjoy the ride. If you are a buyer you may want to act now before the economy and jobs start to increase again and interest rates start creeping up.

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca

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Sept 1 Oakville Data-Continued Strength

As of Sept 2 there are 601 available listings on the Oakville Board. This is down from 738 less than a month ago. In the last 30 days 285 homes in Oakville were sold or about 48% of the currently available listings. This is the second month where the sales have been off the scale of normal sales. The inventory continues to shrink. In the Ennisclare complex in Bronte there were 9 listings available last month and now there are 4.According to the papers prices have started to rise and the current trend should do nothing but force prices up. So what needs to happen to balance the supply/demand.  Will there be a rush of new listings as people return from holidays and get back to business. I think this may happen but at the same time there will be more buyers getting back to business. My guess is that inventory will continue to be low, that both sales and listings increase and that there will be upward pressure on prices. It is basic economics and until the appetite for home ownership subsides we may be in for a bit of a upward bubble. Hang on and enjoy the ride. If you are a buyer you may want to act now before the economy and jobs start to increase again and interest rates start creeping up.

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca

Toronto Record Sales

The Toronto Real Estate Board reported that in July the average price of resales was up 6% over last July and sales were through the roof. Condo sales in Toronto are on fire! I have not seen this enthusiasm spread to condo life in Oakville for condos over 500K. In my opinion it is only a matter of time before this surge hits the higher priced units and we see high end inventory start to shrink and prices rise. After a tough start to the year the next price change for higher end condos on the market may be UP!

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, AMP, Centum Total Mortgage Services Inc. Lic # 10646 www.TotalMortgageServices.ca

From 8% to 48% in 6 Months WOW

Six months ago I wrote how the sales to listing ratio was 8% over the previous 2 months. https://eyesonoakville.wordpress.com/2009/01/24/the-8-challenge/ I just ran the numbers for Oakville and over the last 30 days we sold 359 homes and there are currently 738 homes on the market. The current sales to listing ratio is 48%. How did we go from 8% to 48% in just 6 months in an environment where unemployment is high and the recovery is questioned? WOW WOW WOW I quess it answers the questions raised by my observations of multiple offers and interest rates 2 months ago https://eyesonoakville.wordpress.com/2009/05/31/multiple-offers-interest-rates/

Homebuyers are telling us something here with their wallets. Is it a blip? Time will tell but just as I noted the extreme of 8% in Dec/Jan it is imperative to point out that 48% sales to listing ratio can not be sustained without reducing inventory and the subsequent supply and demand impact of higher prices. Will we cool on sales or are prices going to spike? I thnk prices are headed up-What do you think?

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca

Multiple Offers, Interest Rates

 Toronto Star reported today that the multiple offer scenarios for homes have returned. In a front page article they discussed recent activity where the Realtor has priced the property low and offers come pouring in.  It is interesting as 2 weeks ago they had a story how foreclosures and power of sales had doubled. I believe the press is starting to get a little more positive about the housing outlook.  In Oakville over the past month we sold 38% of the approximate 1000 homes on the market. This is very healthy. The other influence on the housing market is that the 5 year fixed mortgage rate is increasing with increases by .1-.2% from many lenders.  Increases in interest rates may cause a temporary buying spurt as buyers fear losing the opportunity to afford a home. The other interesting observation is that the adjustable rate is coming down slightly to prime plus .4%. As the fixed rate rises and the variable rate drops there may be more people going variable. This may cause grief when the prime goes up. I remain optimistic on the outlook for housing and believe that now is a great time to buy. The stats over the next few months will tell if others agree.
Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca

“ALL IN ONE” Real Estate Services

Quite often as Realtors we are encouraged to send our clients to their Mortgage Broker to get pre approved for a mortgage before we go house hunting. After we find their dream house they go back to their Mortgage Broker with all the details and as Realtors we wait to make sure they are approved before we remove that financing condition. The client needs to get very close and personal with two service providers- the Realtor and the Mortgage Broker.  We are encouraged to build alliances with Mortgage Brokers and to make them part of our team. There is a lot in common between Mortgage Brokers and Realtors.  Why not be both?

I am a Real Estate Broker and believe in continuous improvement in Real Estate. I was licensed as a Mortgage Broker last July 1,2008. I have taken extra courses over the last year and am now awaiting the AMP designation.

I now have a much wider range of services available to my clients. When I do both jobs well the customer experience is less complicated. I may accept leads from either side and show them that they are best served by using me for both finding and funding their purchase.

I will be more active on the mortgage side and will see how well the theory of “All In One Real Estate Services” works for my clients and my business.  I’ll keep you posted.

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646

"ALL IN ONE" Real Estate Services

Quite often as Realtors we are encouraged to send our clients to their Mortgage Broker to get pre approved for a mortgage before we go house hunting. After we find their dream house they go back to their Mortgage Broker with all the details and as Realtors we wait to make sure they are approved before we remove that financing condition. The client needs to get very close and personal with two service providers- the Realtor and the Mortgage Broker.  We are encouraged to build alliances with Mortgage Brokers and to make them part of our team. There is a lot in common between Mortgage Brokers and Realtors.  Why not be both?

I am a Real Estate Broker and believe in continuous improvement in Real Estate. I was licensed as a Mortgage Broker last July 1,2008. I have taken extra courses over the last year and am now awaiting the AMP designation.

I now have a much wider range of services available to my clients. When I do both jobs well the customer experience is less complicated. I may accept leads from either side and show them that they are best served by using me for both finding and funding their purchase.

I will be more active on the mortgage side and will see how well the theory of “All In One Real Estate Services” works for my clients and my business.  I’ll keep you posted.

Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646